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Bitcoin

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by

Keri Guenther

on 7 November 2013

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Transcript of Bitcoin

What is Bitcoin?
- first decentralized digital currency

- an online, virtual currency

- cryptocurrency

- peer-to-peer, open software

- not restricted by banks or clearing houses

- transactions over the Internet between any two parties

- 1 bitcoin ~ $285 US

How Does Bitcoin Work?
Bitcoin in the News
Advantages

- Decentralization

- No third parties

- Heavy encryption
Pros and Cons
Bitcoin Mining
sources:
www.weusecoins.com
bitcoin.org
bitcoin.it
October 29, 2013

Coffee shop in Vancouver
Popluar, busy location that accepts Bitcoins

81 transactions

Over $10,000 exchanged

Place Bitcoin ATM's across Canada by the end of 2013 and enter the USA in 2014
Canada Gets First Bitcoin ATM
$28 M = 144,000 Bitcoins

Largest Bust ever

Ulbricht operates online drug trade
Black market for illegal drugs

Drugs are bought and sold using Bitcoins

Bitcoins will be liquidated
$28 Million
Bitcoin Bust
Deadly Computer Virus Demands Bitcoin Ransom
Bitcoin and the Computer Virus
Victims receive virus through email

Undetectable by most anti-virus programs

Cryptolocker would run through your computer and remove and take all your data

Files are locked and will be lost forever unless you pay a ransom
Disadvantages

- Technological susceptibility

- Unpredictability

- Illegal activity
www.nasdaq.com
Ross William Ulbricht- Founder of the Silk Road Drug Trade
Bitcoin and Business
The Future of Bitcoin
=
Growth
International Business is growing.
Attractive for businesses.
China showing interest (Businesses and Government).
Regulation
No obligation to give money back. Users expect some kind of insurance.
Currently untraceable. Attractive for illegal activity.
Government will eventually step in.
Unknown Future (Risky)
Chance of a better digital currency.
Bitcoin currency value --> $0.00.
Bitcoin must keep adapting and improving.
Conclusion
Great way for users to transfer money anywhere in a quick and inexpensive manner.
Cost of fraud is no longer an issue for merchants
Currently a very risky option, as the value fluctuates all the time
Only a matter of time before government regulates
Theory shows great potential for what our future may hold.
- First Purchase in 2009

- Growing in popularity

- Smaller businesses among
the first to adopt

- eBay
spendbitcoins.com
ctvnews.ca
www.forbes.com
Full transcript